Duplex with Separate
For Sale
$1,400,000
1543 E 38th Street, Brooklyn, NY 11234
Residential, Brooklyn, NY
Property Size2,166 SF
Lot Size0.06 Acres
Price / SF$646.35
Days on Market8
Property Features for 1543 E 38th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3-2
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 7, Bathroom 4, Bedroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 2, Bedroom 8
Interior features
Refrigerator, Stove
Basement
Finished
Subdivision
Marine Park
Standard status
Active
Size
2,166 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
8719
Amenities
central air conditioning
front balcony
split-unit system
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Carpet, Tile
Building materials
Block
Roof type
Shingle
Listing Agency:
Behfar Team, LLC
(347) 988-2526
Listed By:
Karen Behfar
(347) 988-2526
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 24 at 11:06AM
MLS# 503695
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This seller-occupied duplex contains 2,166 square feet across multiple levels. The primary residence includes living, dining, kitchen, den, bedroom, and bathroom areas, while the upper apartment provides its own living, dining, kitchen, bedroom, and bathroom spaces. The basement adds three rooms, two bathrooms, a utility room, and lower-level access. A front balcony extends the upper apartment’s usable space.
Central air conditioning serves the main level, and the second-floor apartment has a split-unit system. Interior finishes include hardwood, carpet, and tile flooring, with refrigerator and stove appliances. The building was constructed in 1925 with block construction and a shingle roof. The property occupies 0.0574 acres and carries R3-2 zoning in Brooklyn, NY.
Central air conditioning serves the main level, and the second-floor apartment has a split-unit system. Interior finishes include hardwood, carpet, and tile flooring, with refrigerator and stove appliances. The building was constructed in 1925 with block construction and a shingle roof. The property occupies 0.0574 acres and carries R3-2 zoning in Brooklyn, NY.
Key Highlights
- 2,166‑square‑foot duplex on a 0.0574‑acre lot
- R3‑2 zoning in Brooklyn, NY
- Separate upper‑level apartment with front balcony
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$75,857
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,517,140
$1.5M
Cap Rate 7%
$1,083,671
$1.1M
Cap Rate 9%
$842,856
$842.9K
Market Conditions
NOI Build-Up for 2,166 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$110.5K $51.00/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$108.4K $50.03/SF
− OpEx
−$32.5K −$15.01/SF
NOI
$75.9K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,517,140
Cap Rate 7%
$1,083,671
Cap Rate 9%
$842,856
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$948.2K – $1.26M
NOI $75,857 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$944.7K
$826.6K – $1.10M
NOI $66,126 @ 7.0% cap · market cap 4.72%
Theoretical Best
Specialty Retail
$1.79M
$1.57M – $2.09M
NOI $125,541 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,456
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - R3-2-zoned property with separate living areas, basement rooms, and climate systems serving both primary levels.
Where is this duplex located?
The property is located at 1543 E 38th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 2,166‑square‑foot duplex on a 0.0574‑acre lot; R3‑2 zoning in Brooklyn, NY; Separate upper‑level apartment with front balcony
